Edgestream Partners L.P. Invests $1.93 Million in Synovus Financial Corp. (NYSE:SNV)

Edgestream Partners L.P. purchased a new stake in Synovus Financial Corp. (NYSE:SNV - Free Report) during the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 43,406 shares of the bank's stock, valued at approximately $1,930,000.

Several other institutional investors also recently made changes to their positions in the stock. V Square Quantitative Management LLC acquired a new position in Synovus Financial in the third quarter valued at $30,000. UMB Bank n.a. lifted its stake in shares of Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank's stock valued at $33,000 after purchasing an additional 348 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Synovus Financial during the 2nd quarter worth about $43,000. Headlands Technologies LLC increased its position in Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank's stock worth $55,000 after purchasing an additional 1,105 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new position in Synovus Financial in the third quarter valued at approximately $56,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

SNV traded down $0.67 during trading hours on Tuesday, hitting $56.00. 1,126,981 shares of the stock were exchanged, compared to its average volume of 1,390,739. The stock has a market cap of $7.93 billion, a price-to-earnings ratio of 25.39, a price-to-earnings-growth ratio of 2.04 and a beta of 1.38. The stock has a 50-day simple moving average of $50.57 and a 200-day simple moving average of $44.91. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. Synovus Financial Corp. has a 12 month low of $32.53 and a 12 month high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.14. The firm had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. Synovus Financial's quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.84 earnings per share. Analysts anticipate that Synovus Financial Corp. will post 4.37 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.71%. Synovus Financial's dividend payout ratio (DPR) is presently 68.78%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on SNV shares. The Goldman Sachs Group increased their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. Royal Bank of Canada raised their price objective on Synovus Financial from $49.00 to $57.00 and gave the company an "outperform" rating in a research report on Friday, October 18th. DA Davidson upped their target price on Synovus Financial from $53.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, October 18th. Truist Financial raised their target price on Synovus Financial from $52.00 to $57.00 and gave the company a "buy" rating in a report on Monday, October 21st. Finally, Bank of America upped their price target on Synovus Financial from $48.00 to $57.00 and gave the stock a "buy" rating in a report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $54.47.

Synovus Financial Company Profile

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.